Roman added that the fund is looking for pieces of land suited for the development of office buildings, whose investment would be worth at least €15 million.

“We are looking especially at former industrial areas for the acquisition of land, but are waiting for prices to drop. As of next year, we will begin development,” added Roman. The company has expressed its intention to change its strategy, following the drop of yields below the level accepted by the fund. For this year, the Austrians are estimating yields on the local business segment to reach some 7.5 percent. As such, in the first part of this year, Europolis acquired a piece of land worth €20 million in northwestern Bucharest (near Orhideea shopping center). Here, Europolis plans to develop a 47,100 square meter office building, which will require an investment worth some €107 million.

According to Europolis’ half-year 2008 financial report, Orhideea Business Center is due to be finalized in 2011. This is the company’s first project on the local market since 2003, when it entered Romania.

The fund’s first local investment was the acquision of the Europe House office building in Victoria Square from the Israeli Globe Trade Centre, for which it paid some €26 million, and which is listed in its financial report as having a market worth at the end of June of €49.4 million. Other projects in Bucharest are the Cefin Logistic Park, developed with the Italian Cefin company, an office building in the northern Bucharest Barbu Vacarescu area, also with Cefin, and two office buildings in Sema Parc.